PR Newswire publishes a new article about the case of Bidzina Ivanishvili, former Prime Minister of Georgia, and Credit Suisse.
“Through its Guernsey Trust business, Credit Suisse is continuing to refuse to honor the instructions of the former Prime Minister of Georgia, Mr. Bidzina Ivanishvili, in violation of established norms and standards. Details have already been provided on the unfounded delay to a disbursement from the trust on 4th March which was not executed until 4th April, and which is now subject to a legal claim by the beneficiaries.
Further instructions were given on 11th and 14th April and the Trustee has once again delayed disbursement without attributing any proper reasoning or explanations based on arguments. The client has continued to address queries from the Trustee on various occasions, including a response on 29th April; however, the Trustee has set a new “anti-record,” violating the terms of the Trust and grossly breaching basic rights of the beneficiaries.
The improper conduct of the Trustee follows the judgement of the Bermuda Supreme Court which found against CS Life, a wholly-owned subsidiary of Credit Suisse, and ordered the payment of more than USD 600 million to the Plaintiffs. In September, a trial is set to take place in a Singapore Court alleging losses of more than USD 800 million as a result of the actions of the Trustees appointed by Credit Suisse.
A spokesperson for Mr. Ivanishvili commented:
“The fact that Credit Suisse’s subsidiary in Guernsey has failed to execute the instructions of 11th April suggests an ongoing pattern of behavior by the Bank, which does not serve the interests of the beneficiaries and violates respective standards. Moreover, this leads us to believe that Credit Suisse is seeking to use political pressure as a means to damage Mr. Ivanishvili’s reputation and should be qualified as such. Unfortunately, we are no longer surprised by these actions, considering the history of relations of Credit Suisse and the resulting legal proceedings the client is pursuing in various jurisdictions. That said, we find it extraordinary that Credit Suisse is continuing to fail in its duties and disrespect clients when the Bank continues to face so many problems. Once again, this unnecessary delay without any grounds or plausible reasons represents no exception from normal behavior by Credit Suisse and breaching the rights of the client is not the only failure at the Bank”.
While Credit Suisse is in a process of a new “anti-record”, it should also be said that breaching the rights of the client by Credit Suisse is continuing in the Swiss courts. Due to such involvement by the courts, the obligations by Credit Suisse to repay the client has remained unfulfilled, not for 36 days but for 36 months. A further release will follow on Wednesday to provide detail on how Credit Suisse uses the judiciary to go against established legal norms and banking standards”, - writes the author of the article.